This particular section
discusses the general rules for determining which authorities
and/or stock exchange is to be consulted for requirements relating
to, and the disclosure and filing of, material information.
Any reference to "the relevant securities regulator" refers to the Policy Statement. Nonetheless, there are six general
principles in determining the relevant securities regulator
for consultation on matters of, disclosure, and the filing of
material information. The particular rules that apply depend
upon the jurisdiction and whether or not the securities are
listed and, if listed, the particular exchanges on which the
Issuer securities are listed. The rules are as follows:

a)

Unlisted
securities, the relevant securities regulator are the Securities
Administrator in the relevant jurisdiction having the principal
market for the unlisted securities.

b)

Listed
securities, the Exchange itself are the relevant securities
regulator. Notwithstanding, the Issuer may also consult with
the Securities Administrator.

c)

Securities
listed on any other stock exchange, both the Stock Exchange
and the securities administrator in the jurisdiction having
the principal market for the listed securities are considered
to be the relevant securities regulators.

d)

Securities
listed on two or more stock exchanges, each stock exchange
are a relevant securities regulator, and must be dealt with.
The Issuer may also consult with the Securities Administrator
in the jurisdiction having the principal market for the listed
securities.

e)

Material
change reports and media releases must be filed in accordance
with the requirements of legislation in the jurisdictions.

f)

The
rules of all stock exchanges upon which securities are listed
must be observed.

Regulatory Authorities

Decisions on disclosure
require careful subjective judgements, of a subsidiary or its
nominee and/or the Issuer's Board of Directors are encouraged
to consult on a confidential bases the relevant regulatory authority
when in doubt as to whether disclosure must be made.

Immediate Disclosure
The Issuer is required to disclose material information concerning
its business and affairs forthwith:

upon
the information becoming known to management, or

in
the case of information previously known, or

upon
it becoming apparent that information is material.

However, in restricted
circumstances, disclosure of material information may be delayed
for reasons of corporate confidentiality.

Developments to Be Disclosed

Actual or proposed developments that
give rise to material information, requires prompt disclosure
and includes, but are not limited to the following:

a)

Changes
in share ownership that affects control of the Issuer or its
subsidiary(s).

b)

Changes
in corporate structure,

c)

Take-over
bids or issuer bids.

d)

Major
acquisitions or dispositions.

e)

Changes
in capital structure.

f)

Borrowing
of funds.

g)

Sale
of securities.

h)

Development
of new products and developments affecting the Issuer's and/or
its Subsidiary(s) resources, technology, products or market.

Major
labour disputes or disputes with major contractors or suppliers.

p)

Events
of default under financing or other agreements.

q)

Any
other developments relating to the business and affairs of the
Issuer that would reasonably be expected to significantly affect
the market price or value or investment decision.

Dissemination

It is the issuer's sole
responsibility to ensure that their media release be transmitted
to the media by the quickest possible method and in a manner,
which provides for wide dissemination. Media releases must be
made to:

news
services that disseminate financial news nationally,

the
financial press, and

daily
newspapers that provide regular coverage of financial news.

Announcements
Announcements of material information must be factual and balanced.
The guiding principle is to communicate clearly and accurately
the nature of the information, without including unnecessary
details, exaggerate reports or editorial commentary designed
to colour perception of the announcement. The Issuer must be
prepared to supply further information when appropriate to the
underwriting subsidiary or its nominee.

Misleading Announcements
All material information must be released immediately, the timing
of an announcement of material information must be handled carefully.
Announcements of an intention to proceed with a transaction
or activity must not be made unless:

the
Issuer has the ability to carryout its decision

the
Issuer has made its decision to proceed with the transaction
or activity

Confidentiality

When?
There are limited circumstances wherein disclosure of material
information concerning the Issuer's business and affairs may
be delayed and kept confidential temporarily. In such a situation,
issuers are required to adhere to the local Securities Authorities
set procedures and disclose to the securities administrator
on a confidential basis, information that is not being disclosed
to the public, pursuant to the set procedures and manner set
out by the relevant local securities. The Issuer must issue
and file a press release once the circumstances justifying non-disclosure
have ceased to exist. The following are instances in which disclosure
might be unduly detrimental to the Issuer's interests where:

a)

Release
of information would prejudice the Issuer's ability to pursue
specific and limited objective or to complete a transaction
or series of transactions that are underway.

b)

Disclosure
would provide competitors with confidential corporate information
that would significantly benefit them. Such information may
be kept confidential if the Issuer is of the opinion that the
detriment to it resulting from disclosure would outweigh the
detriment to the market in not having access to the information.

c)

Disclosure
of information concerning the status of ongoing negotiations
would prejudice the successful completion thereof. Disclosure
must be made once "concrete information" finalisation
of the terms of the transaction.

Maintaining Confidentiality

Where disclosure of material information
is delayed, the Issuer must:

Maintain
complete confidentiality

In
the event, that confidential information is divulged in any
manner (other than in the necessary course of business), the
Issuer is required to make an immediate announcement on the
matter.

Notify
the relevant securities regulator of the announcement, in advance,
in the usual manner.

During the period before material
information is disclosed, the Issuer must closely monitor market
activity in the Issuer's securities. At any time when material
information is being withheld from the public, the Issuer is
under a duty to take precautions to keep such information completely
confidential.